|Day's range||69.20 - 69.30|
The Schork Group Principal Stephen Schork joins Yahoo Finance Live to discuss oil prices amid the debt ceiling debate, China's Covid crisis, and OPEC+ uncertainty.
As anxiety-inducing as the drama over the U.S. debt ceiling was, it has faded from oil traders’ radar with the tentative deal reached between the White House and rival Republicans, leaving the market to agonize over two other things: Fed action over rates and OPEC’s decision on output. Crude prices tumbled 4% on Tuesday amid mounting speculation that the Federal Reserve will raise rates for an eleventh time in 16 months when its policy-makers meet on June 14. The biggest signal for the central bank’s action will be in U.S. jobs data for May, due on Friday, that could show higher-than-expected payrolls growth that forces the Fed against pausing on rates.
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
The oil supermajors’ proxy season culminates with ExxonMobil’s and Chevron’s annual meetings tomorrow. Today we carry a candid op-ed from Mark van Baal, head of Follow This, a small activist shareholder which tabled some of the recent climate resolutions. Van Baal argues that institutional investors need to get serious about their own commitment to the Paris Agreement climate targets again.
Oil prices slumped Tuesday as concerns about future economic growth, particularly in the U.S., the largest consumer of crude in the world, overshadowed relief over the signing of a deal to lift the U.S. debt ceiling. U.S. President Joe Biden and Republican House Speaker Kevin McCarthy announced an agreement over the weekend after weeks of fraught negotiations over raising the $31.4 trillion debt ceiling. The deal would raise the debt ceiling for two years, effectively pushing the normally fraught negotiations beyond the 2024 presidential election, and cap some government expenditures.
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Investing.com -- Oil prices reversed early gains to trade lower on Tuesday as fears of more interest rate hikes by the Federal Reserve and slowing economic growth largely offset optimism over raising the U.S. debt ceiling.
Investing.com -- Oil prices dropped on Monday, paring back earlier gains, as optimism over the debt ceiling agreement was tempered by renewed expectations that the Federal Reserve will carry on with its long-running campaign of interest rate hikes.
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Investing.com -- Oil prices rose in Asian trade on Monday as U.S. lawmakers said they had reached a provisional agreement to raise the debt ceiling, with focus now turning to key Chinese data this week for cues on the world’s largest oil importer.
Oil prices cratered during the early days of the pandemic, taking oil stocks with them. Crude prices and oil stocks have cooled off over the past several months on macroeconomic concerns. Three that stand out are Devon Energy (NYSE: DVN), Occidental Petroleum (NYSE: OXY), and Marathon Oil (NYSE: MRO).
On the other, it’s whether a stay or another cut is coming. New York-traded West Texas Intermediate, or WTI, crude settled Friday’s trade up 84 cents, or 1.2%, at $72.67 per barrel. London-traded Brent crude, the global benchmark for oil, settled up 69 cents, or 0.9%, at $76.95.
With its stock down 10% over the past three months, it is easy to disregard Tethys Petroleum (CVE:TPL). However, a...
Oil prices rose Friday, heading towards their second consecutive week of gains on signs of tightening U.S. supply and improving fuel demand in the world’s largest oil consumer. Both benchmarks are on course for gains of close to 2% this week on expectations of tighter U.S. supplies as the travel-heavy summer season approaches, boosted by an unexpected, hefty fall in U.S. crude oil inventories last week. U.S. commercial crude oil inventories fell by 12.5 million barrels a day, the largest weekly decline since November, while ING noted that “the 4-week average for implied gasoline demand remains just above 9MMbbls/d, which is the highest post-COVID level seen for this time of year.”
Investing.com-- Oil prices retreated in Asian trade on Friday, extending a sharp drop from the prior session as traders awaited more clarity on the OPEC’s plans for future production cuts, while concerns over the U.S. debt ceiling kept markets on edge.
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OPIS Global Head of Energy Analysis Tom Kloza joins Yahoo Finance Live to discuss gas prices, the upcoming summer travel season, and the impact of debt ceiling negotiations on the energy market.
The Russians aren’t helping the price of oil — to the delight possibly of the West and the utter frustration likely of other producers within the OPEC+ alliance, not to mention market bulls. Crude prices tumbled some 3% Thursday after Russian Deputy Prime Minister Alexander Novak, who is also the nation’s de facto oil minister, said he expected no new steps from OPEC+ at its meeting on June 4. Given that Saudi Energy Minister Abdulaziz bin Salman had hinted just 24 hours earlier of the possibility of another round of production cuts at the meeting, Novak’s remarks meant only one thing — that the alliance will keep output unchanged.
A fire incident at Marathon Petroleum's (MPC) Galveston Bay refinery leads to a worker's death, raising concerns regarding safety within the facility.
Some oil-related stocks that could benefit in the current environment include NOW Inc. (DNOW), Murphy USA (MUSA) and Dril-Quip (DRQ).
Traders consider whether another crude production cut is on the cards as oil prices rally.
Oil prices fell Thursday, handing back some of the week’s strong gains as U.S. debt ceiling uncertainty and a stronger dollar weighed on the crude market. Fears of a U.S. debt default have grown after rating agency Fitch raised the possibility of a downgrade to the U.S.’s prized “AAA” rating, placing it on credit watch negative, citing the uncertainty surrounding the negotiations to lift the country’s $31.4 trillion debt ceiling. "Fitch still expects a resolution to the debt limit before the X-date," the credit agency said in a report.
Investing.com -- Oil prices fell slightly in Asian trade on Thursday, capping off three days of gains amid growing pressure from a strong dollar, while uncertainty over the U.S. debt ceiling persisted as a June deadline to reach a deal grew closer.
Yahoo Finance's Ines Ferre joins the Live Show to discuss the rise in oil prices amid retailers stocking up on supplies before the Memorial Day holiday.